来自《耶鲁大学开放课程：金融理论 第9集 第9集》

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  actually doing anything for a bunch of years,
  在后面的这些年中就没有作用
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  maybe for a long time, and then it started up and took
  之后 它又开始不断的吸入资金
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  money in and paid money out and stuff.
  支付资金
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  Well, because the gap in time was very long with nothing
  但由于这之间的间隔太长了
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  happening, if you take a positive Y,
  尽管收益率可观
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  the stuff that happens in the second incarnation of the fund
  资金在第二次复苏后
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  is hardly going to be making any difference,
  对最终的结果也没什么改变
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  because by that time, it will all be discounted a lot.
  因为在此刻 它折现的太厉害
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  So the yield will depend too sensitively on stuff early
  所以说利益率对开始的依赖强
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  rather than stuff late.
  对后面的依赖弱
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  And so again, you get into troubles yielding
  因此在此强调下
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  just yield to maturity, so that can't be the right
  到期日收益率可能会有偏差